Former Barclays bond trader and Yuga Labs seed investor sells 72 Bored Apes for 700% profit

Former Barclays bond trader Ovie Faruq and Yuga Labs seed investor Mike Anderson collectively sold 72 Bored Ape Yacht Club (BAYC) NFTs at an average price of 78.08 to 78.18 ETH, roughly equivalent to $9.25 million.

Ovie Faruq claimed an initial investment of around $1.14 million, with profits of at least 700% or more. He was named the most influential artist by CoinDesk last year.

Speaking to Bloomberg, he mentioned that both of them had about a decade of experience trading high-yield bonds. Recent market conditions made them realize the importance of respecting liquidity and taking profits instantly when there is floating profit and high liquidity.

Despite the apparent liquidity of BAYC, it is still considered an illiquid asset.

Ovie Faruq noted that they left Barclays in December 2021 and are currently seed investors in Yuga Labs. They have been NFT collectors for nearly a year and are also the founders of the NFT project rektguy and the data platform Degenz.

Note: The Bloomberg report appears to be a paid placement article commissioned by Ovie Faruq and Mike Anderson, and access to Degenz reports requires purchasing a Degenz Access Pass.

Digital artist Beeple also created a portrait of Ovie Faruq and Mike Anderson flipping BAYC:

SEVENTY-TWO APES pic.twitter.com/pEYjqf5faF

— beeple (@beeple) February 23, 2023